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Firm Capital Property Trust announces a joint venture with First Capital Realty with the acquisition of a 40% interest in two retail properties
Firm Capital Property Trust announces a joint venture with First Capital Realty with the a...
About this update from Firm Capital Property Trust
[{"type":"text","content":"\n\n\n\nFirm Capital Property Trust announces a joint venture with First Capital Realty with the acquisition of a 40% interest in two retail properties\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nFirm Capital Property Trust announces a joint venture with First Capital Realty with the acquisition of a 40% interest in two retail properties\nCanada NewsWire\nTORONTO, June 9, 2016\n\n\n\nTORONTO, June 9, 2016 /CNW/ - Firm Capital Property Trust (\"FCPT\" or the \"Trust\") (TSXV: FCD.UN) is pleased to announce the acquisition of a 40% interest in The Whitby Mall and Thickson Place two retail properties located in Whitby, Ontario (the \"Portfolio\"). The acquisition price for 100% of the Portfolio is approximately $75.3 million, excluding transaction costs. The properties are located directly across from each other providing a strategic benefit and long term synergies. As a result of the Portfolio acquisition, the Trust will increase the size of its current portfolio by approximately 25% to $157 million.\n\nThe Whitby Mall which is located at 1615 Dundas Street East, Whitby Ontario is a 374,811 square foot mixed use commercial property anchored by Sobeys with a strong mix of retail, office and medical tenants together with repositioning opportunities.  The property is currently 83% occupied.  The property is being acquired from a third party.\n\nThickson Place which is located at 80 Thickson Road South, Whitby Ontario is a 104,808 square foot retail property anchored by Metro and the LCBO. The property is currently 100% occupied.  The property is currently owned 100% by First Capital Realty Inc. \n\nThe initial acquisition of The Whitby Mall is being financed through existing cash resources and through the Trust's revolving credit facility. The acquisition of Thickson Place which is expected to close in early July, will be funded through debt to be arranged on The Whitby Mall and Thickson Place. \n\nThe acquisition is expected to be immediately accretive to AFFO. Management of the Trust expects the AFFO payout ratio of ...